The metals prices were all over the place today. I was so excited this morning… I’m thinking, Yes, here it comes! Gold was up $15, and silver by $.28. By the 9:30 open, most of that was gone. By the end, gold closed up $7.20, but silver lost $.03. Perhaps someone knows what’s really going on, and can explain it. I’m just a chart guy. In my account, there was more red than green, and I sold IAG at $4.99, to whittle our symbols to 18. My guess will be that volume was still not there, and that this market is still really more like a ‘ghost town’. Will the charts have anything to say?
We start with those that declined on lighter than average volume: CDE, HL, DRD, RGLD, ASM, SGDM, RIC, ABX, GDX and SLV.
As well as our gainers, also on light volume: MUX, FSM, SLW, SSRI, PVG, PAAS and GLD.
We’ve got one decliner on average volume with: AG.
And, volume? What volume! Volume was 37% below the average for all 18 together. Nobody’s involved here. It’s still dead.
There’s not a thing to be concerned about. The chart patterns are tremendous. Together they represent a 2-week consolidation, after a lift-off from 7/25 to 8/2. For two weeks it has been sideways.
Each time I see these big moves, like this morning, I keep thinking… This is it! Today’s the day. This is when we lift off into new high territory, and the market catches fire for its next leg up. But, nope… doesn’t happen. That’s okay. In time, it will!
Here’s to your accumulation of real wealth!
Harold F Crowell